Kiddie Academy in Edina, Minnesota, has been sold. This top-to-bottom renovation is ideally situated amongst over 9 million square feet of office space. See other available opportunities, here.
LeeAnn Chin located in Brooklyn Park, Minnesota features a great location on an established retail corridor. Get the offering memorandum, here.
Best Buy’s outlook was recently upgraded from “stable” to “positive” by rating agency Moody’s. “The positive outlook reflects Moody’s view that Best Buy’s competitive position will remain formidable, with requisite favorable impact on operating results.” Read the full statement on Moody’s website, here.
Get a copy of the offering memorandum for Best Buy in Shakopee, Minnesota, here.
The team’s most recent sale: a 59,000 square foot retail center in Grand Forks, North Dakota. It boasts an ideal location across the street from the dominant regional hospital which will be a steady source of traffic to this center for years to come: Med Park is anchored by Altru Health System on a long-term lease. Low average rental rates offered investors an opportunity to increase the NOI through future rent growth, making this an attractive long-term investment. See other available opportunities for sale here.
We’ve brought two new Dollar Trees to market in Park Rapids and Wadena, Minnesota.
This summer we welcomed a new addition to our team: our full-time financial analyst, Liam Hansmeyer-Schons. Liam comes to Northstar from Gustavus College, located in Northfield, Minnesota and holds a B.A. in Financial Economics with a concentration in Computer Science and Statistics.
Liam is passionate about impact investing and finding ways to utilize new technology to make day-to-day tasks easier. In his free time Liam enjoys cycling around the Twin Cities, going backpacking out West, reading the newspaper, and spending time with friends.
The team at Northstar welcomes the addition of his expertise and knowledge base!
Wesco Distribution in Kennewick, Washington, sold in September.
The team’s most recent successful sale was featured by Minneapolis-based Finance & Commerce: Southbridge Crossing, located in Shakopee, Minnesota. One building in a string of projects that have opened recently or are currently still being developed, Southbridge enjoys a great location on the south side of Highway 169 at County Road 18.
Although the seller hadn’t always planned on divesting this particular asset, the team at Northstar brought forward an agreeable offer from a buyer with whom they had collaborated previously.
Read more about the sale on the Finance & Commerce website.
Located in the midst of mature retail development, a free-standing Applebee’s restaurant located in Rochester, Minnesota, sold for $4.3 million. Both the buyer and seller were represented by the team at Northstar. The sale was recently featured by REJournals.
The 5,156-square foot building boasted a recently remodeled interior and exterior, with a great location adjacent to the IBM corporate campus as well as a shopping center anchored by Super Target and Home Depot. With 11 years remaining on an absolute NNN lease, this Applebee’s was sold just over asking price.
Read about the sale of the Applebee’s restaurant located in Rochester.
The recent sale of South Pond Center, a 26,020-square foot retail property in Champlin, Minnesota, was featured this week by REBusiness Online.
“The marketing of this center generated multiple offers, clearly showing that there is pent up demand for well-located class B and C centers”, said Matt Hazelton, principal partner at Northstar Retail Group. “South Pond Center had vacancy and below-market rents, leaving the new owner the opportunity to increase occupancy and grow rents.”
The senior partners at Northstar represented the seller, a limited liability company; agents Claire Roberts and Marc Paylor from the Marcus & Millichap Minneapolis office uncovered and represented the ultimate buyer of the property. South Pond Center sold for $2.5 million.
Read about the sale of South Pond Center on REBusiness Online’s website.
Until this year, Target stores refrained from playing background music in its retail locations; that’s all been changing since the Minneapolis-based retailer began testing music in its stores. The Minneapolis/St. Paul Business Journal learned that Target will be rolling out its new audible strategy full-time across 180 stores by the end of the year. The Journal asked Matt Hazelton – one of the Twin Cities’ foremost authorities on commercial retail strategies – for his opinion on why Target thinks this is a credible approach to wooing shoppers.
“Everybody is looking for a way to make the customer experience more enjoyable,” Matt commented. “It’s become less and less about the products and more about the experience.”
Matt added that previous shopping psychology indicated that shoppers should not be distracted while shopping, and that background music added to that distraction. As retailers search for ways to create ambiance that e-commerce cannot provide, Target is willing to take a risk in an attempt to differentiate themselves.
Read the full story about Target’s new in-store, retail strategy on the Minneapolis/St. Paul Business Journal’s website.
Northstar Retail Group Director, Matt Hazelton, thinks you should be in attendance. Approached by the Minnesota Shopping Center Association (MSCA) to contribute an article about this annual event, Matt reflected on the importance and the benefits of attending.
“Business Day at the Capitol is facilitated by the Minnesota Chamber of Commerce. It’s a great event to get real-time commentary on what’s happening at the legislative level,” Matt explains. “It’s a rare but valuable opportunity to meet with multiple legislators in a short amount of time; it’s also a chance to help create more informed and accountable legislative representatives, the same representatives who vote on measures directly affecting Minnesota businesses.”
Matt attended Minnesota Business Day at the Capitol in April 2016 and will be attending the event again this year on March 8, 2017. You can sign up for this event through the Minnesota Chamber of Commerce. He hopes to see you there!
Look for Matt’s full article in the upcoming MSCA Newsletter, “The Connection”.